Hi.Went BR in Oct 08 for £30k debts after my shop went out of business. I was offered to buy the BI in my house at the end of December and the OR asked for valuation which I sent asap. The estate agents valuation was £120k. A while ago the OR called concerning another matter and I enquired about my house. She said they were still dealing with another matter and the house would be next. Also she said they had a drive by done last December which was £135k, no way is it worth this! I said I had sent a valuation and she wasn't really concerned and said she would check when she was ready to deal with the house. I heard no more and have since been told I have been transferred to the RTLU. I wrote to them enquiring about the valuation and asked if they needed a further one done. The house price has actually dropped to £112k-£115k now so this is far from the drive by valuation. I have not heard nothing for a month and I am really worried whether my home will be safe. I have a mortgage of £125k with a £5k redemption which I understand will not be taken into consideration. As you can see the figures are really close and if they stick to the drive by valuation I will lose my home. Thanks for any advice anyone can offer. Christine
Obtain an up to date valuation, hopefully for the lower and forward to the OR stating that this is a more realistic value of the property. The OR will usually accept an up to date figure (Some OR's have been known to request 3 estate agent valuations - make sure you ask the estate agent for the 'quick sale figure' ie the figure they reduce to after 6 weeks NOT the initial figure they 'test' the water with - the quick sale figure is easy to obtain, just spin a line such as have to move quickly with my job - what do you think a realistic figure would be to achieve a sale?) Hope this helps
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
Thanks Melanie, I will get another valuation done. As I've had no reply from my last letter to the RTLU I am worried they will think I am being too forward by writing again. Do you think it will be ok? I don't want to get them annoyed! I am worried because when I was being dealt with by the OR I declared my lodgers money on my income. With my job and lodgers income I could still only afford my mortgage and very basic living expenses. The OR wrote to my lodger requesting that all future money should be sent to them. This left me £300 short on my mortgage that month and this was to be ongoing. I wrote to them and enclosed another income/expenditure form and they admitted that they had got it wrong and should never have claimed my lodgers money. I was so pleased to get it sorted but had to wait a month to get the money back and pay my full mortgage for that month. So I realise mistakes can be made and this has made me nervous with proceedings concerning my home. Thanks. Christine
Don't be nervous and send the RTLU another letter; they will not think you are being awkward and won't get annoyed. The RTLU and OR offices are used to dealing with lots of enquiries and realise that people are going through a difficult time.
Thanks for the confidence boost! I will write and try not to worry. I thought most of my worries were over until the drive-by, now I dread the postman coming again, just like before the bankruptcy. Christine
Hi.Went BR in Oct 08 for £30k debts
Posted - 13 May 2009 : 14:23:13
